actually, this 12, yuan is very understandable, which means that the total amount of personal pension purchased by each person every year is 12, yuan.

specifically, if you want to participate in personal pension, you need to open a personal pension account through the national unified online service portal or commercial bank channels.

the national unified online service portals include: national social insurance public service platform, handheld 12333APP, national human resources and social security government service platform, electronic social security card, etc.

after opening an individual pension account, you need to choose a qualified commercial bank to open an individual pension fund account. This fund account is your only personal pension management account.

You can deposit your money into your personal pension fund account on a monthly basis, by installments or by year. The cumulative payment limit for each natural year is 12, yuan. After reaching the limit, the bank will automatically remind you that you can't continue to pay.

Every year, the money you deposit in your capital account can be used to invest in wealth management products, savings deposits, commercial endowment insurance and Public Offering of Fund that meet the requirements of personal pension.

When you retire, you can withdraw the money from your personal pension fund account on a monthly basis, in installments or at one time, and use it for your usual old-age life.

In addition, we need to remind everyone that the money deposited into the personal pension every year can be deducted from the tax. In other words, everyone can deduct up to 12, yuan from comprehensive income or business income by paying personal pension every year.

The maximum amount of personal pension paid by participants each year is 12, yuan, which can be paid monthly, in installments or annually. The payment amount is accumulated according to the natural year and recalculated in the following year. The "Implementation Measures" stipulates that individual pension fund accounts are closed, and participants who reach the age of receiving basic pensions, completely lose their ability to work, go abroad to settle down, and other circumstances stipulated by the state can receive individual pensions on a monthly basis, in installments or at one time. When a participant receives an individual pension, the commercial bank shall check the eligibility of the participant through the information platform and transfer the funds to the participant's own social security card bank account.

Legal basis:

Social Insurance Law

Article 1 Employees shall participate in the basic old-age insurance, and both the employer and the employees shall pay the basic old-age insurance premium. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium. The measures for endowment insurance for civil servants and staff managed with reference to the Civil Service Law shall be formulated by the State Council.

article 11 the basic old-age insurance shall combine social pooling with individual accounts. The basic old-age insurance fund consists of employer and individual contributions and government subsidies.

article 12 an employer shall pay the basic old-age insurance premium in proportion to the total wages of its employees as stipulated by the state and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium according to the proportion of their wages stipulated by the state and record it in their personal accounts. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premium in accordance with state regulations and record it in the basic old-age insurance pooling fund and individual account respectively.

article 13 before employees of state-owned enterprises and institutions participate in the basic old-age insurance, the basic old-age insurance premiums that should be paid during the period of deemed payment shall be borne by the government. When the basic old-age insurance fund is under-paid, the government gives subsidies.

Article 14 Individual accounts shall not be withdrawn in advance, and the bookkeeping interest rate shall not be lower than the bank time deposit interest rate, and interest tax shall be exempted. If an individual dies, the balance of the individual account can be inherited.

Article 15 A basic pension consists of an overall pension and a personal account pension. The basic pension is determined according to factors such as individual cumulative payment years, payment wages, average salary of local employees, personal account amount, average life expectancy of urban population, etc.